News
President Tinubu sets up tax reforms committee, appoints Oyedele chairman
Nigeria’s President, Bola Tinubu has approved the establishment of a Presidential Committee on Fiscal Policy and Tax Reforms, while appointing the Fiscal Policy Partner and Africa Tax Leader at PriceWaterhouseCoopers, Mr. Taiwo Oyedele, as committee chairman.
The development comes barely 24 hours after the President signed four Executive Orders, suspending the five per cent excise tax on telecommunication services and the excise duties escalation on locally-manufactured vehicles.
According to the President, the committee “Will comprise experts from both the private and public sectors and have responsibility for the various aspects of tax law reform, fiscal policy design and coordination, harmonisation of taxes, and revenue administration,” a statement signed by Tinubu’s Special Adviser on Special Duties, Communication and Strategy, Dele Alake, read on Friday.
According to the statement titled ‘President Tinubu sets up committee on tax reforms,’ the committee’s primary objective is to enhance revenue collection efficiency and ensure transparent reporting.
It will also promote the effective utilisation of tax and other revenues to boost citizens’ tax morale, foster a healthy tax culture, and drive voluntary compliance.
Alake cited earlier remarks by the Special Adviser to the President on Revenue, Mr Zaccheus Adedeji, who explained that Tinubu recognises the importance of a sound fiscal policy environment and an effective taxation system for the functioning of the government and the economy.
According to Adedeji, “Nigeria ranks very low on the global ease of paying taxes while the country’s Tax to GDP ratio is one of the lowest in the world and well below the African average.
“This has led to an overreliance on borrowing to finance public spending, which in turn limits the fiscal space as debt service costs consume a greater portion of government revenue, annually resulting in a vicious cycle of inadequate funding for socio-economic development.
“While some incremental progress has been recorded over the years, the outcomes have not been transformative enough to change the narrative,” he said.
Adedeji outlined the key challenges in Nigeria’s tax system, including multiple taxes and revenue collection agencies, fragmented and complex tax system, low tax morale, high prevalence of tax evasion, high cost of revenue administration, lack of coordination between fiscal and economic policies, and poor accountability in the utilisation of tax revenue.
Adedeji explained that the administration hopes to transform the tax system to support sustainable development and achieve a minimum of 18 per cent Tax to GDP ratio within three years without stifling investment or economic growth.
“It should be noted that this committee will not only advise the government on necessary reforms but will also drive the implementation of such recommendations in support of the comprehensive fiscal policy and tax reform agenda of the current administration,” the SA on Revenue added.
Oyedele, who chairs the committee, is the Thematic Lead for the Fiscal Policy & Planning Commission and Chairman of the West Africa Debt Management Roundtable of the Nigerian Economic Summit Group.
He also heads the Taxation & Fiscal Policy Faculty Board of the Institute of Chartered Accountants of Nigeria and is a member of the Nigerian Taxation Standards Board.
Oyedele serves as a member of the Ministerial Committee on implementing Nigeria’s National Tax Policy. He is a member of the Global Tax Forum and has previously served as a member of the Global Governing Council of the Association of Chartered Certified Accountants.
Oyedele, an Associate Professor at the Babcock University Business School, is an alumnus of the London School of Economics & Political Science, Yale University, and Harvard Kennedy School Executive Education.
He is also a guest lecturer at the Lagos Business School and the Founder and President of Impact Africa Foundation.
…..All Control Tower Personnel Safely Rescued.
A fire outbreak at Terminal 1 (also referred to as the old international terminal) of the Murtala Muhammed International Airport (MMIA) in Lagos has been successfully contained, according to officials from the Lagos State Fire and Rescue Service.
The blaze, which originated from the IT server room on the third floor of a five-storey building near the E-wing of the departure lounge, prompted a swift multi-agency response involving the Lagos State Fire and Rescue Service, the Federal Airports Authority of Nigeria (FAAN), and other emergency teams.
Controller General Margaret Adeseye of the Lagos State Fire and Rescue Service confirmed in an official update that the fire is now under control. Critically, all 12 personnel in the control tower were rescued alive and uninjured, with no one left trapped in the incident.
“Further updates will be made available in due course,” Adeseye stated.
Related reports from FAAN indicate that a crane was deployed to aid in the rescue efforts at the control tower, where up to 14 individuals were initially reported as trapped in some accounts. All have since been safely evacuated. While some sources mention minor injuries (such as six individuals in stable condition), the primary update from the fire service emphasizes no serious harm to the control tower staff and no fatalities.
The incident led to temporary disruptions, including the closure of the Lagos airspace and suspension of flights at the airfield, as a precautionary measure. Authorities are working to restore operations, potentially through a temporary control tower setup.
The cause of the fire remains under investigation, with preliminary indications pointing to the server room as the origin. The affected terminal, which has been undergoing renovations, saw emergency evacuations and containment efforts to prevent spread to other sections.
No lives were lost in the incident, and emergency operations continue to monitor the site for full safety. Airport authorities and emergency services have commended the coordinated response that minimized risks to personnel and infrastructure.
Travelers are advised to check with airlines for updates on flight statuses amid the ongoing recovery efforts.
News
Lagos increases BRT fares by 13%
In a statement by LAMATA’s Head of Corporate Communication, Kolawole Ojelabi, the revised fare structure will take effect from Monday, March 2, 2026.
The Lagos State Government has approved a 13 percent increase in fares across all services under the Bus Reform Initiative, which includes the Bus Rapid Transit system and standard bus routes throughout the state.
Governor Babajide Sanwo-Olu granted the approval after receiving a passionate appeal from regulated public transport operators.
He highlighted the mounting challenges facing the long-term viability of their operations in Nigeria’s current economic climate.
In a statement by LAMATA’s Head of Corporate Communication, Kolawole Ojelabi, the revised fare structure will take effect from Monday, March 2, 2026.
“The adjustment is designed to help offset the severe impact of ongoing economic pressures on public transport providers.
It also aligns with the state’s previously established annual fare review mechanism. The urgency of the measure is driven by persistent inflationary trends.
The statement added that bus operating companies have been contending with sharply rising expenses in several key areas, including vehicle maintenance and repairs, imported spare parts, and staff salaries, particularly following the rollout of the new national minimum wage.“
In addition, operators are committing significant resources to fleet renewal, procuring newer, cleaner, and more fuel-efficient buses to boost passenger comfort, maintain high service standards, and advance environmental sustainability goals in Lagos.
It also aligns with the state’s previously established annual fare review mechanism. The urgency of the measure is driven by persistent inflationary trends.
News
Fire Engulfs MMIA Terminal One, but no casualties
Eyewitnesses said that the blaze started on one of the affected floors before spreading to adjoining sections of the terminal.
Photo credit: Lagos State Fire Service
A fire has broken out on parts of the fourth and fifth floors of Terminal One at Murtala Muhammed International Airport in Lagos, triggering an emergency response and temporary disruption of flight operations.
Eyewitnesses said that the blaze started on one of the affected floors before spreading to adjoining sections of the terminal.
The impacted areas have since been evacuated as a precautionary measure.
Air Traffic Controllers stationed in the control tower were alerted to the incident and are reported to be safe, though closely monitoring the situation as emergency teams work to bring the fire under control.
As a result of the development, inbound flights to Lagos from other airports have been instructed to delay departure until the situation stabilises.
Aircraft already approaching Lagos may be required to remain airborne until clearance is given to land.
Fire and rescue officials of the Federal Airports Authority of Nigeria (FAAN) are currently battling the blaze and intensifying efforts to contain it.
FAAN has confirmed that no casualties have been recorded at this time. Authorities say further updates will be provided as more details emerge.
Fire at Lagos’ Murtala Muhammed International Airport Terminal 1 Brought Under Control
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